UPDATE 1-Boardwalk Pipeline Q4 earnings fall on higher costs

lunes 9 de febrero de 2009 15:53 CET

* Q4 EPU $0.40 vs market view $0.39

* Q4 gas transportation revenue up

* Fuel and gas transportation costs double

* Sees pipeline expansion capex at $1.0 bln for 2009-10

Feb 9 (Reuters) - Boardwalk Pipeline Partners LP (BWP.N: Cotización), which operates natural gas pipelines and storage facilities, posted a lower quarterly profit as increased transportation costs and higher depreciation and property taxes offset a rise in gas transportation revenue.

However, the earnings per share came a cent above analysts' average estimate.

Boardwalk, whose majority owner is Loews Corp (L.N: Cotización) - the conglomerate controlled by the billionaire Tisch family - reported a net income of $67.6 million, or 40 cents per common unit, compared with $72.1 million, or 54 cents a common share, in the same quarter last year.

Total operating revenue rose 21 percent to $205.6 million, but fuel and gas transportation costs almost doubled to $22.5 million.

Depreciation and amortization expenses were up 57 percent to $33.4 million.   Continuación...